I'll work through this step-by-step, identifying the relevant industry and calculating the S&P-adjusted debt-to-EBITDA ratio for VINCI.

## Step 1: Identify the Relevant Industry for VINCI

VINCI is a French concessions and construction company. Based on the provided methodologies, VINCI fits into the **Transportation Infrastructure** sector, as it operates concessions (particularly in airports, roads, and other infrastructure) alongside construction activities. The company is known for its concession activities (VINCI Autoroutes, VINCI Airports) which are long-term infrastructure concessions.

Given the mix of concession/infrastructure activities and construction, I'll apply the Transportation Infrastructure methodology where relevant, but also need to consider general corporate adjustments.

## Step 2: Estimate Adjusted_Debt

First, let me identify the debt components from the balance sheet (2022 year-end, i.e., 2023-01-01):

**Reported Debt Components:**
- Noncurrent Portion Of Noncurrent Bonds Issued: 20,425,000,000 EUR
- Noncurrent Portion Of Other Noncurrent Borrowings: 3,205,000,000 EUR
- Shortterm Borrowings: 6,368,000,000 EUR

**Total Reported Debt** = 20,425 + 3,205 + 6,368 = **29,998,000,000 EUR**

**Leases:**
- Noncurrent Lease Liabilities: 1,580,000,000 EUR
- Current Lease Liabilities: 522,000,000 EUR

**Total Leases** = 1,580 + 522 = **2,102,000,000 EUR**

**Other items to consider:**
- Pension deficit: From the data, we have "Noncurrent Provisions For Employee Benefits" of 1,149,000,000 EUR and "Other Longterm Provisions" of 961,000,000 EUR. These include pension obligations but also other items. Without more specific pension deficit information, I'll note that S&P typically capitalizes pension deficits when they're underfunded. Looking at the provisions, these appear to be balance sheet provisions rather than clear pension deficits. Given the lack of specific pension deficit data, I'll be conservative and not add additional pension adjustments beyond what's in reported debt.

- Guarantees: No specific guarantee data provided.

- Hybrid debt: No specific hybrid debt identified.

**Cash and Equivalents to Deduct:**
- Cash And Cash Equivalents: 12,578,000,000 EUR
- Current Cash Management Financial Assets: 755,000,000 EUR

**Total Eligible Cash** = 12,578 + 755 = **13,333,000,000 EUR**

For S&P purposes, we typically deduct surplus cash, but usually only a portion. However, following the baseline formula, I'll use eligible cash as provided. S&P typically considers "available cash" which may not include all cash if some is trapped or needed for operations. Given VINCI's concession nature, I'll use the full cash amount but note that S&P might haircut this.

**Adjusted_Debt** = (29,998 + 2,102 + 0 + 0 + 0 + 0) - 13,333
= 32,100 - 13,333
= **18,767,000,000 EUR**

Wait - let me reconsider. Looking more carefully at S&P methodology for infrastructure, they may not fully deduct cash, or may use "available cash." Also, I need to check if there are derivative liabilities that might need inclusion or if working capital adjustments apply.

Actually, re-reading the methodology: For transportation infrastructure, FFO to debt is preferred. But we're asked for debt/EBITDA. Let me stick with the baseline formula.

However, I need to be more careful. S&P typically adjusts debt by adding leases (already done) and may include other items. Let me also check if there are securitizations or other debt-like items.

Looking at current liabilities, "Other Current Liabilities" at 20,315,000,000 EUR seems large - this could include various items but without more detail, I'll treat as operating liabilities.

Let me recalculate more carefully:

**Debt items:**
- Noncurrent bonds: 20,425
- Noncurrent other borrowings: 3,205
- Short-term borrowings: 6,368
- Current derivative financial liabilities: 440 (these are mark-to-market, not typically debt)
- Noncurrent derivative financial liabilities: 1,939 (same)

Actually, derivative liabilities are typically not included in "debt" for leverage purposes unless they're related to hedged debt.

Let me stick with: **Reported Debt = 29,998 million EUR**

Adding leases: **+ 2,102 = 32,100 million EUR**

For cash deduction, S&P typically uses a more nuanced approach. Let me check if there's "restricted cash." The difference between "Cash And Cash Equivalents" (12,578) and "Cash And Cash Equivalents If Different From Statement Of Financial Position" (11,495) suggests some adjustment. The 2022 year-end cash for cash flow purposes was 11,495, but balance sheet shows 12,578. I'll use balance sheet cash.

Actually, looking more carefully: "Cash And Cash Equivalents If Different From Statement Of Financial Position" 2023-01-01: 11,495,000,000 EUR vs "Cash And Cash Equivalents" 2023-01-01: 12,578,000,000 EUR. The difference might be restricted cash or other items.

For S&P purposes, I'll use the lower figure or make a conservative adjustment. Let me use 75% of cash as "available" for infrastructure companies, or use the cash flow statement figure.

Let me use: Eligible cash = 11,495 (the cash flow figure) + 755 (cash management assets) = 12,250 million EUR, or perhaps just use 75% of total cash.

Actually, standard S&P practice is to deduct "available cash" which is typically cash less restricted amounts. Without specific restriction data, I'll use 75% of reported cash as a conservative estimate: 0.75 × 12,578 = 9,434, plus cash management assets (755) = 10,189.

But to be more precise, let me use the formula as stated: eligible_cash. I'll consider all cash and cash equivalents as eligible for now, plus cash management assets.

**Adjusted_Debt = 32,100 - 13,333 = 18,767 million EUR**

Hmm, but this seems low for VINCI. Let me reconsider - S&P might not deduct full cash for infrastructure companies with concession obligations. Actually, looking at S&P's general approach, they do deduct cash but may limit it.

Let me try another approach: maybe only deduct "surplus cash" beyond operating needs. For a company with 62,265 million revenue, typical operating cash needs might be 5-10% of revenue = 3,000-6,000 million. So surplus cash might be 12,578 - 6,000 = 6,578, plus 755 = 7,333.

This gives: Adjusted_Debt = 32,100 - 7,333 = 24,767 million EUR.

Actually, I think I'm overcomplicating this. Let me follow the baseline formula more literally with full cash deduction, but I'll note this is a key uncertainty.

Let me use: **Adjusted_Debt = 32,100 - 13,333 = 18,767 million EUR** (with full cash deduction)

Or perhaps more conservatively, if we think S&P would limit cash deduction for infrastructure: **Adjusted_Debt = 32,100 - 6,000 (estimated available) = 26,100 million EUR**

Given the uncertainty, let me proceed with the literal formula: **18,767 million EUR** but I'll also calculate with partial cash.

Actually, re-reading the problem: it says "eligible_cash" - this implies there's a determination of what's eligible. For infrastructure companies, S&P may consider cash that is available to repay debt. Given VINCI's concession structure, some cash may be ring-fenced at project levels.

Let me use a middle ground: **Eligible cash = 75% of total cash and equivalents = 0.75 × 13,333 = 10,000 million EUR**

**Adjusted_Debt = 32,100 - 10,000 = 22,100 million EUR**

I'll use this as my primary estimate but note the range.

## Step 3: Estimate Adjusted_EBITDA

**Starting point: EBITDA reconstruction**

From the income statement:
- Profit Loss From Operating Activities: 6,489,000,000 EUR (2022)

To get to EBITDA, I need to add back depreciation and amortization:
- Adjustments For Depreciation And Amortisation Expense: 3,613,000,000 EUR

So **Reported EBITDA = 6,489 + 3,613 = 10,102,000,000 EUR**

Let me verify this another way:
- Revenue: 62,265,000,000 EUR
- Operating Expense: 55,691,000,000 EUR
- Other Revenue: 249,000,000 EUR

Operating profit (before D&A) = 62,265 + 249 - 55,691 = 6,823 million... wait, this doesn't match.

Actually, looking more carefully:
- "Profit Loss From Ordinary Operating Activities" = 6,824,000,000 EUR
- "Profit Loss From Operating Activities" = 6,489,000,000 EUR

The difference is "Other Operating Income Expense Recurring" (-9) and "Other Operating Income Expense Non Recurring" (+8) and some other items.

Let me use: Operating profit before exceptional = 6,824, add back D&A 3,613 = 10,437 million EUR.

Or using "Profit Loss From Operating Activities" = 6,489 + 3,613 = 10,102 million EUR.

Actually, S&P typically uses "recurring" operating profit. Let me use:
- Profit Loss From Operating Activities Recurring = 6,481,000,000 EUR
- Plus D&A = 3,613,000,000 EUR
- **Base EBITDA = 10,094,000,000 EUR**

**Adjustments to EBITDA:**

1. **Lease adjustment**: Since we're capitalizing leases in debt, we need to add back lease expense to EBITDA. Looking at the cash flow: "Payments Of Lease Liabilities Classified As Financing Activities" = 661,000,000 EUR and "Adjustments For Interest Expense On Lease Liabilities" = 48,000,000 EUR.

Total lease expense = 661 + 48 = 709 million EUR (this is a rough estimate; actual lease expense might differ).

Actually, IFRS 16 lease expense includes depreciation and interest. The operating lease expense that was replaced by IFRS 16 would be roughly the payment amount. Looking at finance lease liabilities of 2,102 million at ~4-5% interest, interest portion is ~100 million, so principal repayment is ~600 million, total "lease expense" equivalent might be around 700 million.

But wait - under IFRS 16, EBITDA already includes the lease depreciation in D&A and lease interest in finance costs. So if we capitalize leases in debt, we should add back the lease-related depreciation and interest to EBITDA... but actually, the standard S&P adjustment is to add back the operating lease expense that would have existed under IAS 17.

Looking at cash flows: Payments Of Lease Liabilities = 661 million. This is a good proxy for operating lease expense.

So **adjustment_leases = +661,000,000 EUR** (approximately)

But actually, looking more carefully at the P&L structure, if we already added back total D&A of 3,613, this includes lease depreciation. So if we want to show "as if operating leases," we need to add back lease depreciation and subtract... no wait, let me think again.

Under IFRS 16: EBITDA = EBIT + D&A. D&A includes right-of-use asset depreciation. EBIT includes operating profit. So EBITDA already includes the benefit of not having operating lease expense.

Actually, I think I'm confusing myself. Under IFRS 16, there is no operating lease expense in operating profit. Instead, there's depreciation of right-of-use assets. So EBITDA (which adds back D&A) is HIGHER than it would be under IAS 17.

To get "S&P comparable" EBITDA with leases capitalized, we actually want to ADD BACK the lease depreciation and interest to get a "gross" EBITDA, then subtract a normalized lease expense... no, that's not right either.

Standard S&P adjustment: When capitalizing operating leases (adding to debt), S&P typically adds back the "lease expense" to EBITDA, where lease expense = rental expense. Under IFRS 16, this is proxied by: depreciation of right-of-use assets + interest on lease liabilities.

From the data: Interest on lease liabilities = 48 million (from cash flow adjustments). Depreciation of right-of-use assets is embedded in total D&A. If we assume ROU assets are depreciated straight-line over lease term, and average lease life is ~5 years, then annual depreciation ≈ 2,102 / 5 = 420 million, or using IFRS 16 approach maybe different.

Actually, looking at total lease liabilities of 2,102 million, if we assume average remaining lease term of 5 years and straight-line depreciation, ROU asset depreciation ≈ 420 million. But total D&A is 3,613 million, so this is plausible.

Total "lease expense" for S&P purposes ≈ 420 (depreciation) + 48 (interest) = 468 million. But cash payment is 661 million.

For S&P's "lease-adjusted EBITDA," they typically add back the full lease payment or a normalized lease expense. Let me use the cash payment as proxy: **+661 million EUR**.

Actually, I realize I need to be more careful. The baseline formula says:
Adjusted_EBITDA = EBITDA (reported or reconstructed) + adjustment_leases (if any) + nonrecurring_losses - nonrecurring_gains ± other adjustments

If we're capitalizing leases in debt, the standard S&P approach is to use "EBITDA before lease expense" or add back the lease payment. Let me add back the lease payment of 661 million.

But wait - reported EBITDA already excludes operating lease expense (due to IFRS 16). So to get a "gross" EBITDA comparable to pre-IFRS 16, I'd need to add back... no, actually reported EBITDA is HIGHER because there's no lease expense deducted.

Hmm, let me think about this differently. S&P's standard approach for lease-adjusted metrics:
- Debt: Add capitalized lease obligations (present value)
- EBITDA: Add back "rental expense" or use EBITDAR

Under IFRS 16, companies don't report rental expense. So S&P estimates it as: depreciation of ROU assets + interest on lease liabilities.

From our data: Interest on lease liabilities = 48 million.
Depreciation of ROU assets: Need to estimate. If total lease liabilities are 2,102 million, and assuming average remaining term of 5 years with straight-line depreciation, annual depreciation ≈ 420 million. But this depends on lease terms.

Actually, looking at the balance sheet: Noncurrent Lease Liabilities = 1,580, Current = 522. The current portion suggests annual payments around 522+ principal portion of noncurrent. If we assume total annual payments around 661 million (from cash flow), and interest is 48 million, principal is 613 million. This suggests average lease term remaining is roughly 2,102 / 613 ≈ 3.4 years.

Depreciation would be roughly ROU assets / remaining life. ROU assets aren't separately disclosed, but typically equal lease liabilities at inception, adjusted for prepaid/accrued rents. Let's assume ROU assets ≈ 2,000 million, depreciation ≈ 2,000 / 3.4 ≈ 588 million.

So estimated "lease expense" = 588 + 48 = 636 million, close to the 661 million payment.

For S&P adjustment, if capitalizing leases in debt, we add back this lease expense to EBITDA. But reported EBITDA already has D&A added back, which includes the 588 million ROU depreciation. So if we start from reported EBITDA (10,094), it already includes the benefit of adding back ROU depreciation.

To get "S&P lease-adjusted EBITDA," we need to add back the interest portion: 48 million. Or if we want "EBITDAR-equivalent," we add back total lease expense of ~636 million.

Actually, I think the cleanest approach is: S&P's "adjusted EBITDA with leases capitalized" = EBIT + D&A + lease interest (or EBITDAR - rental expense + lease interest... no).

Let me use a simpler approach. S&P typically reports "EBITDA" as operating profit before D&A. With IFRS 16, this is higher than pre-IFRS 16 because operating lease expense is replaced by depreciation. To make comparable to companies with operating leases, S&P sometimes uses "EBITDAR" or adjusts.

For our purposes, following the baseline formula with lease adjustment: If we capitalize leases in debt (adding 2,102 million), we should add back lease-related charges to EBITDA to avoid double-counting the lease burden.

Standard S&P practice: Adjusted EBITDA = EBITDA + lease expense (where lease expense = depreciation of ROU assets + interest on lease liabilities, or simply the lease payment).

Since reported EBITDA = EBIT + D&A, and D&A includes ROU depreciation, the "lease adjustment" to add is the interest on lease liabilities = 48 million, OR we reconstruct as if operating leases.

Actually, looking at this fresh: The formula says "adjustment_leases (if any)". This suggests adding back lease expense if leases are capitalized. I'll add the estimated lease expense.

Let me use: **adjustment_leases = 661 million EUR** (lease payments, as proxy for operating lease expense)

2. **Nonrecurring items:**
- Other Operating Income Expense Non Recurring = 8,000,000 EUR (gain, so subtract)
- Actually this is a small gain, so: -8 million EUR

Wait, looking at 2021: -26 million (loss). For 2022: +8 million (gain). So we subtract gains: -8 million.

But also need to check if there are other nonrecurring items in the comprehensive income or elsewhere. The "Adjustments For Losses Gains On Disposal Of Noncurrent Assets" = -68 million (gain, so this is a gain to subtract? Actually in cash flow this is an adjustment, meaning it was deducted in P&L).

Looking at cash flow adjustments: "Adjustments For Losses Gains On Disposal Of Noncurrent Assets" = -68 million. Negative means gain was deducted (i.e., gain was included in profit). So this is a gain to normalize out.

Similarly: "Adjustments For Fair Value Gains Losses" = -236 million. Negative means gains.

These are already reflected in operating profit. Let me check if they're in "Profit Loss From Operating Activities" or below.

"Profit Loss From Operating Activities" = 6,489
"Profit Loss From Operating Activities Recurring" = 6,481
Difference = 8 million, which matches "Other Operating Income Expense Non Recurring" = 8 million gain.

The fair value gains and disposal gains might be in "Other Operating Income Expense Recurring" or elsewhere. "Other Operating Income Expense Recurring" = -9 million (loss).

Actually, let me look at the structure:
- Profit Loss From Ordinary Operating Activities = 6,824
- Share Of Profit Loss Of Associates = 22
- Other Operating Income Expense Recurring = -9
- = Profit Loss From Operating Activities Recurring = 6,481 + 22 - 9 = 6,494? Doesn't quite match 6,481.

Wait: 6,824 + 22 - 9 = 6,837, not 6,481. Hmm, let me re-read.

Actually: "Profit Loss From Ordinary Operating Activities" 2022 = 6,824,000,000
"Expense From Sharebased Payment Transactions With Employees" = 356 (this is likely deducted in ordinary operating activities)
"Share Of Profit Loss Of Associates" = 22
"Other Operating Income Expense Recurring" = -9
"Profit Loss From Operating Activities Recurring" = 6,481

So: 6,824 + 22 - 9 = 6,837... that doesn't equal 6,481. There must be other items.

Actually, looking more carefully, "Profit Loss From Ordinary Operating Activities" might already include some items. The path seems to be:
- Ordinary operating activities: 6,824
- Then various adjustments to get to recurring: 6,481
- Then non-recurring: 6,489

Actually 6,481 + 8 = 6,489. So non-recurring adds 8.

The difference between 6,824 and 6,481 is 343. This might include share-based payments (356) and other items.

For nonrecurring adjustments to EBITDA, I should focus on material items. The +8 million nonrecurring gain is small. Let me also check if there are material gains/losses on disposal or fair value that should be normalized.

From cash flow: "Adjustments For Losses Gains On Disposal Of Noncurrent Assets" = -68 million. This is a gain (negative adjustment means deducted from profit). But this might be in investing activities, not operating. Actually, this is in operating cash flow adjustments, so it was included in operating profit.

Similarly, "Adjustments For Fair Value Gains Losses" = -236 million. These are likely in operating profit.

But wait - these are already in "Profit Loss From Ordinary Operating Activities" of 6,824. So when I use 6,824 as starting point, they are included. When I adjust to "recurring" I might want to remove them.

Actually, for EBITDA calculation, let me just use the reported operating profit and add back D&A, then make lease and other adjustments.

Let me use a cleaner approach:
- Start with "Profit Loss From Operating Activities" = 6,489 (this includes all operating items, recurring and nonrecurring)
- Add back D&A = 3,613
- Base EBITDA = 10,102

For S&P adjustments:
- Add back lease expense (since capitalizing leases): +661
- Nonrecurring gain to remove: -8 (the nonrecurring gain)
- Other normalization: gains on disposal -68, fair value gains -236? These might be considered nonrecurring or non-operating.

Actually, gains on disposal of noncurrent assets are typically nonrecurring. Fair value gains might be recurring if from normal operations.

Let me be conservative and only adjust for:
- Lease add-back: +661
- Nonrecurring operating gain: -8

**Adjusted_EBITDA = 10,102 + 661 - 8 = 10,755 million EUR**

Or if I use recurring operating profit as base:
- Recurring operating profit = 6,481
- Add D&A = 3,613
- Add lease expense = 661
- Recurring EBITDA = 10,755

Hmm, same result essentially. Let me verify: 6,481 + 3,613 = 10,094, plus 661 = 10,755.

Actually, I need to check if D&A includes ROU depreciation. If yes, then adding back lease expense double counts. Let me think...

Under IFRS 16: Operating profit = Revenue - Operating costs (excluding lease expense) - D&A (including ROU depreciation) - other costs.

EBITDA = Operating profit + D&A = Revenue - Operating costs - other costs + (D&A total - ROU depreciation) + ROU depreciation... no wait, EBITDA adds back ALL D&A.

So EBITDA = Revenue - Operating costs (excl D&A) - other costs + 0 (since D&A added back).

Compared to pre-IFRS 16 with operating leases: EBITDAR = Revenue - Operating costs - rental expense - other costs + D&A (excl ROU) + ROU depreciation... 

Actually, let me just use: Reported EBITDA + lease interest (since ROU depreciation is already added back in D&A).

Lease interest = 48 million (from cash flow adjustments).

So if capitalizing leases: Adjusted debt adds lease liabilities. Adjusted EBITDA should add back lease interest (not total lease expense, since ROU depreciation is already in D&A add-back).

Wait, no. S&P's standard "lease-adjusted EBITDA" when capitalizing leases is: EBITDA + lease expense, where lease expense = rental expense. But under IFRS 16, there's no rental expense. Instead, S&P uses: EBIT + D&A before ROU depreciation + lease interest. Or equivalently: EBITDA - ROU depreciation + lease interest + ROU depreciation... 

I'm getting confused with the accounting. Let me use a practical approach:

S&P's published metrics for IFRS 16 companies often use "EBITDA" as reported (which is higher due to IFRS 16), then add lease liabilities to debt. This creates a mismatch where leverage looks better than economic reality.

To correct this, S&P sometimes reports "EBITDAR" or makes lease adjustments.

For our formula: "adjustment_leases (if any)" - this suggests adding lease expense if we capitalize leases.

The lease expense under IFRS 16 = ROU depreciation + lease interest. Since EBITDA already includes ROU depreciation (via D&A add-back), we need to add lease interest to get the full "lease effect."

But wait - EBITDA is supposed to be before interest, so it already excludes lease interest. So actually, reported EBITDA under IFRS 16 is: Revenue - OpEx - D&A(incl ROU) - other = EBIT + D&A(incl ROU). This is HIGHER than pre-IFRS 16 EBITDAR by approximately ROU depreciation (since rental expense ≈ ROU depreciation + lease interest, and EBITDA excludes both lease interest and ROU depreciation while EBITDAR excludes rental expense... no, EBITDAR excludes rental expense which = ROU depreciation + interest, so EBITDAR = EBIT + D&A(excl ROU) + rental expense = EBIT + D&A(excl ROU) + ROU depreciation + interest = EBIT + D&A(incl ROU) + interest = EBITDA + interest. That doesn't work.

Let me stop trying to reconcile and use the practical approach: S&P typically adds 1× or 2× lease expense (rental expense) to debt and adds 1× to EBITDA. Under IFRS 16, they estimate rental expense as the lease payment or as ROU depreciation + interest.

Using lease payment of 661 million as proxy for rental expense:

**Adjusted_EBITDA = 10,102 + 661 - 8 = 10,755 million EUR**

Or using recurring base: 6,481 + 3,613 + 661 = 10,755.

Let me also consider if there are other adjustments:
- Share of profit of associates: 22 million. S&P sometimes includes proportional EBITDA of associates. But this is already in operating profit.
- Joint ventures: The "Share Of Profit Loss Of Associates And Joint Ventures" = 22 million. S&P may want proportional EBITDA, but without detailed JV financials, I'll use as reported.

- Pension adjustments: No clear pension deficit, so 0.
- Other normalization: The fair value gains of 236 million and disposal gains of 68 million - are these recurring? Disposal gains are typically nonrecurring. Let me subtract 68 million.

**Adjusted_EBITDA = 10,755 - 68 = 10,687 million EUR**

Or keeping it simpler with just lease and nonrecurring: 10,755.

Let me also check if we should add back share-based payments. "Expense From Sharebased Payment Transactions With Employees" = 356 million. This is already deducted in operating profit. S&P sometimes treats this as non-cash and adds back, but it's already in the operating profit used for EBITDA. Actually, EBITDA adds back D&A, not share-based payments. But share-based payments are non-cash. S&P may or may not add back - typically not for EBITDA, but sometimes for "adjusted" metrics.

Given the baseline formula doesn't mention share-based payments specifically, I'll leave as is.

**Final Adjusted_EBITDA estimate: 10,755 million EUR** (with lease add-back and nonrecurring adjustment)

Or if we want to be more conservative and not add full lease payment but just normalize: 10,102 + 48 (lease interest) - 8 = 10,142. But this seems too low given debt includes full leases.

Actually, I realize the correct S&P adjustment for lease-capitalized debt is to use "EBITDAR" or add back the full lease expense. Let me verify with 10,755.

## Step 4: Calculate Adjusted_Debt / Adjusted_EBITDA

Using my estimates:
- Adjusted_Debt = 22,100 million EUR (with 75% cash deduction) or 18,767 (full cash)
- Adjusted_EBITDA = 10,755 million EUR

**Ratio with 75% cash: 22,100 / 10,755 = 2.05**

**Ratio with full cash: 18,767 / 10,755 = 1.74**

Given the uncertainty on cash, let me also try with no cash deduction (conservative):
- Adjusted_Debt = 32,100
- Ratio = 32,100 / 10,755 = 2.98

And with partial lease adjustment (just interest):
- Adjusted_EBITDA = 10,142
- Ratio with 75% cash: 22,100 / 10,142 = 2.18

Hmm, these are quite different. Let me reconsider what S&P actually does for infrastructure.

For transportation infrastructure with concessions, S&P typically:
- Uses FFO/debt as primary metric
- For debt/EBITDA, they may use standard adjustments
- Cash deduction might be limited if cash is needed for concession obligations

Looking at VINCI's actual S&P rating (they're rated BBB+), their reported metrics might be available. But I need to estimate from data.

Let me try a more refined approach:

**Debt: 29,998 + 2,102 (leases) = 32,100 million EUR**

For cash, looking at VINCI's structure: they have significant concession subsidiaries where cash may be ring-fenced. The "Cash And Cash Equivalents" of 12,578 includes group and subsidiary cash. S&P likely deducts only available cash at holding company level or after considering restrictions.

If we assume 50% of cash is readily available: 6,289 + 755 = 7,044 million EUR eligible.

**Adjusted_Debt = 32,100 - 7,044 = 25,056 million EUR**

**Ratio = 25,056 / 10,755 = 2.33**

Or with the cash flow statement cash of 11,495, if 50% available: 5,748 + 755 = 6,503.
Adjusted_Debt = 32,100 - 6,503 = 25,597. Ratio = 2.38.

Let me also reconsider EBITDA. If I use "Cash Flows From Used In Operations Before Changes In Working Capital" = 10,215 million as proxy for EBITDA-like cash generation, this is close to my EBITDA estimate.

Actually, 10,215 is quite close to 10,102 + some adjustments. The difference might be working capital and other items.

Let me try using a different EBITDA: Reported operating profit 6,489 + D&A 3,613 = 10,102. Add back lease interest 48 = 10,150 (since EBITDA is pre-interest). Then add ROU depreciation ~420 to get "EBITDAR-like" = 10,570. This is close to my 10,755 with full lease payment.

Actually, I think the most standard S&P approach for IFRS 16 is:
- Debt: Reported debt + lease liabilities
- EBITDA: Reported EBITDA + lease interest (since EBITDA is pre-interest, and we want to add back the interest portion to show total lease burden)

Wait, that doesn't make sense. EBITDA is already pre-interest, so it excludes lease interest. Adding back lease interest would be double-counting.

Let me think again: Under IFRS 16, EBITDA = Revenue - OpEx - D&A(incl ROU) + D&A(incl ROU) = Revenue - OpEx. This is HIGHER than pre-IFRS 16 because OpEx doesn't include rental expense.

Pre-IFRS 16 EBITDAR = Revenue - OpEx(incl rental) + D&A(excl ROU) + rental = Revenue - OpEx(excl rental) + D&A(excl ROU).

The difference: IFRS 16 EBITDA - pre-IFRS 16 EBITDAR = [Revenue - OpEx] - [Revenue - OpEx(excl rental) + D&A(excl ROU)] = - rental + D&A(excl ROU) + ROU depreciation... 

This is getting too complex. Let me use the practical approach that S&P uses: For leverage metrics with capitalized leases, they often report "debt/EBITDA" where debt includes leases and EBITDA is as reported (which is inflated by IFRS 16). This is a known limitation.

Alternatively, S&P may adjust EBITDA downward by estimating rental expense.

Given the formula explicitly says "adjustment_leases (if any)", I should add something. Let me use the lease payment of 661 million as a proxy for rental expense to add back, recognizing that this is conservative.

**Adjusted_EBITDA = 10,102 + 661 = 10,763** (rounding)

For debt, let me use a middle cash deduction. Looking at VINCI's 2022 annual report context: they had significant cash but also significant short-term debt. The "Cash And Cash Equivalents If Different From Statement Of Financial Position" suggests some cash is restricted or differently classified.

I'll use: Eligible cash = Cash and cash equivalents - minimum operating cash. For a company with ~62 billion revenue and infrastructure characteristics, minimum operating cash might be 3-5% of revenue = 1,900-3,100 million. Or based on working capital needs.

Actually, simpler: use 50% of cash and cash equivalents as eligible = 6,289, plus cash management assets 755 = 7,044.

**Adjusted_Debt = 32,100 - 7,044 = 25,056 million EUR**

**Ratio = 25,056 / 10,763 = 2.33**

Let me also try with no lease adjustment to EBITDA (just using reported EBITDA with lease-capitalized debt):
**Ratio = 25,056 / 10,102 = 2.48**

And with full cash deduction:
**Ratio = 18,767 / 10,763 = 1.74** or 18,767 / 10,102 = 1.86

Given the wide range, I need to make my best judgment. For infrastructure companies, S&P is often more conservative with cash deductions. Let me use 50% cash availability.

For EBITDA, I'll use the lease-adjusted figure since the formula explicitly mentions "adjustment_leases (if any)" and we're capitalizing leases.

**My best estimate: 2.33**

But let me double-check by looking at this from another angle. VINCI's actual S&P credit metrics from their 2022 annual report or rating: S&P typically reports FFO/debt and debt/EBITDA. For 2022, I recall VINCI had debt/EBITDA around 2.5x or slightly below on an S&P-adjusted basis.

Given my calculations range from 1.74 to 2.98, and considering:
- S&P likely limits cash deduction for infrastructure
- S&P likely makes lease adjustments to EBITDA
- Nonrecurring items are relatively small

I'll settle on: **Adjusted_Debt = 25,056 million, Adjusted_EBITDA = 10,755 million, Ratio = 2.33**

Actually, let me reconsider one more time. The baseline formula says "eligible_cash" - this is specifically eligible, not all cash. For VINCI with concessions, much cash may be at concession entities and not readily available for group debt repayment.

If I use only 25% of cash as eligible (very conservative): 3,145 + 755 = 3,900.
Adjusted_Debt = 32,100 - 3,900 = 28,200. Ratio = 2.62.

Or if I look at "Current Cash Management Financial Assets" (755) as readily available, plus some portion of cash.

Given the uncertainty, and that S&P ratings for VINCI have historically shown debt/EBITDA around 2.0-2.5x, I'll use my middle estimate.

Wait - I should also check if there are any "hybrid" instruments or other equity-like debt. Looking at equity: there's "Issued Capital" and "Share Premium" but no hybrids identified.

Also, should I include "Noncontrolling Interests" in any adjustment? No, that's equity.

Let me also verify my debt calculation includes all borrowings:
- Noncurrent bonds: 20,425
- Noncurrent other borrowings: 3,205
- Short-term borrowings: 6,368
Total: 29,998

Are there any other debt-like items? "Other Current Liabilities" at 20,315 is large, but this likely includes trade payables, accrued expenses, deferred revenue, etc. - operating liabilities, not debt.

"Other Noncurrent Liabilities" at 894 - could include some debt-like items, but without specifics, I'll exclude.

So debt figure seems correct.

For the final answer, I'll use: **2.33** or rounded to **2.3** or more precisely calculated.

Let me recalculate with slightly different assumptions to check sensitivity:
- If Adjusted_Debt = 29,998 (no leases added, no cash deducted) + 2,102 (leases) = 32,100, no cash: ratio = 2.98
- If Adjusted_Debt = 29,998 + 2,102 - 12,578 (full cash) = 19,522: ratio = 1.81
- If Adjusted_Debt = 29,998 + 2,102 - 6,289 (50% cash) = 25,811: ratio = 2.40

Hmm, my previous 25,056 used 50% of 12,578 = 6,289, plus 755 = 7,044. But 12,578 + 755 = 13,333 total cash-like. 50% of total = 6,667. Let me recalculate: 32,100 - 6,667 = 25,433. Ratio = 2.36.

Or if I use 50% of just cash and equivalents (12,578) = 6,289, and 100% of cash management assets (755) = 7,044. Debt = 25,056. Ratio = 2.33.

Given all this, my best estimate is **2.33** or about **2.3**.

However, I want to check one more thing. Looking at VINCI's actual 2022 results from memory: they reported EBITDA around 10.2 billion EUR and net debt around 19-20 billion EUR (which is debt less cash). If net debt = 19-20 billion, and gross debt = 30 billion, then cash = 10-11 billion. This aligns with my figures.

S&P-adjusted debt is typically higher than net debt due to lease additions and other adjustments, and lower than gross debt due to some cash deduction. So 22-25 billion seems reasonable.

For EBITDA, S&P-adjusted is typically close to reported or slightly higher/lower depending on adjustments. 10.1-10.8 billion seems reasonable.

Debt/EBITDA of 2.0-2.5x is consistent with BBB+ rating.

I'll finalize with: **Adjusted_Debt = 24,500 million, Adjusted_EBITDA = 10,755 million, Ratio = 2.28**

Or more precisely using my calculations: **2.33**

Let me go with **2.33** as my primary estimate, but I'll round to 2 decimal places: **2.33**

Actually, rethinking once more: I want to be more careful about the EBITDA. Let me use a cleaner build:

From cash flow: "Cash Flows From Used In Operations Before Changes In Working Capital" = 10,215 million.

This is: Net income + D&A + other non-cash items - working capital changes... actually it's before working capital changes, so:
= Net income 4,417 + D&A 3,613 + other adjustments (provisions, share-based, etc.) + interest 614 + tax 1,737 - other items?

Actually, 10,215 = 4,417 (net income) + 3,613 (D&A) + 0 (provisions) + 162 (share-based) - (-68) gains on disposal? + 236 (fair value) + 42 (undistributed profits) + 614 (net finance costs) + 1,737 (tax) - 29 (finance costs paid classified as operating) + 48 (lease interest) + ... 

Let me add: 4,417 + 3,613 + 0 + 162 + 68 + 236 + 42 + 614 + 1,737 + 48 + ... this is getting messy with signs.

Actually, the cash flow statement shows:
Cash Flows From Used In Operations Before Changes In Working Capital = 10,215

This is essentially: EBITDA - interest paid + interest received (or + net interest) - taxes paid + other operating cash items... no, it's before interest and taxes in the operating section.

Actually, looking at the structure: This line is after adding back interest and tax expenses (as non-cash or to be paid), so it's roughly:
= Operating profit + D&A + other non-cash items -/+ working capital (before changes) + interest received - interest paid (operating) + ...

Hmm, "Cash Flows From Used In Operations Before Changes In Working Capital" is typically: EBIT + D&A - cash taxes paid + other items, or more commonly: Net income + D&A + interest + tax - gains/losses + other non-cash.

Let me verify: 4,417 (net income) + 3,613 (D&A) + 614 (net finance costs) + 1,737 (tax) + 162 (share-based) - 68 (gains on disposal, negative means gain) + 236 (fair value) + 42 (undistributed JVs) - 29 (finance costs paid, operating) + 48 (lease interest) = 4,417 + 3,613 + 614 + 1,737 + 162 + 68 + 236 + 42 - 29 + 48 = 10,908... not 10,215.

The difference might be working capital or other items I'm missing. Actually, "Finance Costs Paid Classified As Operating Activities" = 29 is likely already deducted in "net finance costs" of 614? No, net finance costs is accrual, not cash.

Actually, I think "Cash Flows From Used In Operations Before Changes In Working Capital" includes:
- Net income: 4,417
- Add back: D&A 3,613, net finance costs 614, tax 1,737, share-based 162, gains on disposal -68 (i.e., subtract gain), fair value -236 (i.e., subtract gain), undistributed JVs -42 (subtract), and other items.

Let me try: 4,417 + 3,613 + 614 + 1,737 + 162 - 68 - 236 - 42 + ... = 10,197, close to 10,215. Difference of 18 might be other items.

So 10,215 is a good cash-based proxy for "operating cash flow before working capital changes" which is similar to EBITDA but with actual tax and interest cash flows, and some other differences.

For S&P FFO, they typically use: Net income + D&A + deferred taxes + other non-cash - gains/losses - working capital changes.

For EBITDA, the accrual-based 10,102 + 661 lease = 10,763 seems reasonable.

I'll stick with my estimate but refine slightly: **Adjusted_EBITDA = 10,700 million EUR** (rounding), **Adjusted_Debt = 24,500 million EUR**, **Ratio = 2.29**.

Or using more precise: 25,056 / 10,755 = 2.33.

Final answer: **2.33**

<answer>2.33</answer>